CX Daily: How Evergrande Created China’s Most Valuable Auto Maker Without Selling A Single Car
In detail: how Evergrande created China’s most valuable automaker without selling a single car
China Evergrande Group, the current real estate developer on the edge of the fault, has made many efforts over the years to get into businesses other than real estate, but what is more impressive is the way he has managed to manipulate the capital markets through the stories that he created.
One of those stories is Evergrande as new energy car manufacturer. The market value of China Evergrande New Energy Vehicle Group Ltd. (Evergrande Auto), which has yet to sell a single car, has already climbed to HK $ 674.1 billion ($ 86.6 billion), making it not only the highest-rated automaker valuable from China, but also worth double its parent company. Evergrande. Never mind that Evergrande has sold several trillion yuan of homes in the past 20 years.
Cover story: How Evergrande could become the “Chinese Lehman Brothers”
Wang Tao: What’s the end of the game for Evergrande? (Part 1)
Stricter Chinese tech laws could thwart U.S. requests for data transfer, legal expert says
Chinese companies selling stocks on US stock exchanges could take advantage of China’s tighter technology regulations to avoid US data transfer requirements, according to a lawyer, as Beijing tightens its grip on cross-border data transfers by companies doing business abroad.
Chinese companies selling shares in New York could use Chinese laws to resist US regulators asking them to hand over sensitive data under the Overseas Data Use Clarification Act, also known as CLOUD law, Wu Shenkuo, executive director of Beijing Normal The university’s international center for cyberspace law, said Friday at an online seminar.
FINANCE & ECONOMY
The Governor of the People’s Bank of China, Yi Gang. Photo: VCG
No financial activity should be immune from scrutiny by financial regulators, says PBOC chief
Chinese central bank governor Yi Gang noted in a recent speech that all financial activities should be subject to regulatory control.
Yi’s speech, delivered via video at the opening of a Sino-German fintech event on Saturday, offers a glimpse of the solutions Chinese regulators see emerging from the recent regulatory storm over financial services provided by tech companies.
According to a speech transcription released by the People’s Bank of China, Yi specifically mentioned that financial service providers should have the appropriate licenses, and payment services should go back to their roots – sever inappropriate links between payment services and other financial products.
South bond bond could funnel $ 46 billion a year to Hong Kong
The long-awaited expansion of a bond connection program to allow mainland investors to trade bonds offshore in Hong Kong will bring up to 300 billion yuan ($ 46 billion) to the Asian financial center by year, according to a state lender. predicted.
China will launch the southern branch of the bond connection program on September 24, giving mainland investors access to the Hong Kong bond market, according to a statement jointly released last week by the People’s Bank of China (PBOC) and the Bank. Hong Kong Currency. Authority.
Two hospitals suspend services as Covid epidemic in eastern China continues
Two hospitals in the cities of Xiamen and Putian, in the province of Fujian (east China) interrupted some services after staff tested positive for Covid-19.
Zhongshan Hospital at Xiamen University said on Saturday it was suspending emergency and outpatient medical services due to “epidemic prevention and control needs.” Before the announcement (link in Chinese), a nurse there tested positive for the virus, according to national media.
Sunday, Putian Xiuyu Hospital suspended operations (link in Chinese) after a staff member there tested positive (link in Chinese) for Covid-19 early that morning, according to local authorities. The staff member was classified as an asymptomatic case.
Quick shots /
Former director of Citic sentenced to 18 years in prison for corruption
Hong Kong might have a hard time attract PSPCs with strict regulations
Pushing the trade pact has “no connection” to US-Australian submarine deal, says China
TRADE AND TECHNOLOGY
Developer R&F Properties to sell service unit to rival to pay off debt
Chinese developer Guangzhou R&F Properties Co. Ltd. sells its property management unit to a bigger rival as well as to raise funds from its two main shareholders in order to find liquidity from alternative sources to repay its debt.
CG Property Services HK – a unit of Country Garden Holdings Co. Ltd., China’s largest real estate developer in terms of total sales – to acquire Wealth Best Global from R&F Property Services for up to 10 billion yuan (1 , $ 5 billion), according to a deposit on the Hong Kong Stock Exchange after the market closed on Monday. R&F Property Services, which filed for an IPO in Hong Kong in April for a third quarter listing, manages R&F’s various real estate projects.
Editorial: China’s housing market problems call for drastic action
Initial Public Offering /
Hong Kong Listed Mid-Size Packaging Specialist
A Chinese courier received the green light for an IPO in Hong Kong, which will likely make it the country’s first listed delivery company dedicated to the LTL niche.
No details have been provided on how much money Shanghai ANE Logistics Ltd., which is backed by multinational private equity giant Carlyle Group Inc., plans to raise through the listing.
ANE prospectus says it is China’s largest national LTL network operator with a 17.3% share of this segment, which does not include purely local players. It has a 0.5% share of the total LTL freight market by volume.
China steps up crackdown on tax evasion in showbiz
China tightens repression on tax evasion targeting individuals and businesses in the entertainment industry following several high profile cases.
The State Tax Administration (STA) said it will strengthen oversight and conduct regular inspections of top artists, including online influencers and their related studios and businesses.
Caixin ESG Bi-weekly: Monetization of green assets on the way
Crowds flock to Beijing Universal Resort
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